Texas 2009 - 81st Regular

Texas Senate Bill SJR39 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	By: Averitt S.J.R. No. 39
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4	4	SENATE JOINT RESOLUTION
5	5	proposing a constitutional amendment authorizing the issuance of
6	6	general obligation bonds to provide and guarantee loans to
7	7	encourage advanced clean energy projects.
8	8	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
9	9	SECTION 1. Article III, Texas Constitution, is amended by
10	10	adding Section 49-q to read as follows:
11	11	Sec. 49-q. (a) For purposes of this section:
12	12	(1) "Advanced clean energy project" means a project
13	13	for which an application for a permit to emit air contaminants is
14	14	received by the Texas Commission on Environmental Quality or its
15	15	successor after January 1, 2008, and before January 1, 2020, and
16	16	that:
17	17	(A) involves the use of coal, biomass, petroleum
18	18	coke, solid waste, or fuel cells using hydrogen derived from such
19	19	fuels, in the generation of electricity, or the creation of liquid
20	20	fuels outside of the existing fuel production infrastructure while
21	21	co-generating electricity;
22	22	(B) is capable of achieving on an annual basis a
23	23	99 percent reduction of sulfur dioxide emissions and a 95 percent
24	24	reductions of mercury emissions and an annual average emission rate
25	25	for nitrogen oxides of 0.05 pounds or less per million British
26	26	thermal units; and
27	27	(C) captures not less than 50 percent of any
28	28	carbon dioxide produced by the combustion of fuel and sequesters
29	29	that captured carbon dioxide by geologic storage or other means.
30	30	(2) "Geologic storage" means the underground storage
31	31	of carbon dioxide in a suitable geologic formation, including
32	32	storage that is accomplished in conjunction with an enhanced oil
33	33	recovery project.
34	34	(b) To provide and guarantee loans to encourage advanced
35	35	clean energy projects in this state, the legislature by general law
36	36	may authorize the Texas Public Finance Authority or its successor
37	37	to issue general obligation bonds of the State of Texas in an amount
38	38	not to exceed $300 million and to enter into related credit
39	39	enhancement agreements. The proceeds from the sale of the bonds may
40	40	be used only to make and guarantee loans to business entities for
41	41	advanced clean energy projects in this state.
42	42	(c) The bonds authorized under this section constitute a
43	43	general obligation of the state. While any of the bonds or interest
44	44	on the bonds is outstanding and unpaid, there is appropriated out of
45	45	the first money coming into the treasury in each fiscal year not
46	46	otherwise appropriated by this constitution an amount sufficient to
47	47	pay the principal of and interest on the bonds that mature or become
48	48	due during the fiscal year, including an amount sufficient to make
49	49	payments under a related bond enhancement agreement.
50	50	SECTION 2. This proposed constitutional amendment shall be
51	51	submitted to the voters at an election to be held November 3, 2009.
52	52	The ballot shall be printed to permit voting for or against the
53	53	proposition: "The constitutional amendment authorizing the
54	54	issuance of general obligation bonds to provide and guarantee loans
55	55	to encourage advanced clean energy projects."